Nashville housing market continues feverish pace

Home sales have reached a feverish pace around Nashville, and in the past few weeks many homeowners have even received offers before their home is even listed.

While interest rates have inched up slightly, real estate agents say it doesn't seem to be hurting sales.

"It's definitely a hot market," said Realtor Wendy Monday.

And the competition is fierce.

"Recently listed a house just a stone's throw from here," Monday said. "I put a sign in the yard on Thursday afternoon and had an offer by Friday. And the sign was just a 'Coming Soon.' I hadn't even listed it yet."

Monday said demand has reached levels she hasn't seen since before the housing bubble burst. Every day, buyers are trolling neighborhoods and internet sites for the perfect home.

"There's been a long time people couldn't buy houses when they weren't as confident in their job, so we have quite a backlog of buyers. And that's what you're seeing in the competition for houses is that there are lots of people who have been waiting to buy a house - been waiting for the right time - and now is that time," Monday said.

It also doesn't hurt interest rates are near historic lows around 5 percent.

"I am definitely seeing a lot more people coming in," said Mitch Mallahan, with Legacy Lending.

Mallahan is seeing more and more applications cross his desk, possibly sparking concerns this boom could burst as it did in 2008.

But Mallahan says that's not likely.

"Over the last four or five years, we've become very conservative on how we lend and who we lend to," he said. "And even though home values are increasing, I don't see the potential for another bubble just because the buyers that want to be in the market, that are in the market right now, are qualified buyers."

That's something that strikes a cord with realtors, buyers and sellers alike across the Music City.

"Nashville has a really strong economy," Monday said. "It's going to take a long time for this to play out."

Real estate experts say homes that are priced right and are in good condition are moving quickly. Condos are especially in high demand right now.

If you're in the market for a new home, Monday suggests you first secure a mortgage loan, find how much home you qualify for and then be ready to move quickly. Also, if there are multiple offers, be prepared to offer above the list price.

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